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SBI Flexi Deposit Scheme

The State Bank of India offers its customers the Flexi Deposit Scheme which works on the principle of a recurring deposit. Customers can choose to deposit a minimum of Rs. 500 per month, but they can increase this amount anytime they wish. You can also make as many instalments as you like. In a year, the bank puts a cap on the amount of money you can accumulate in the deposit. Customers have greater flexibility with their savings and can put away more money when they can and cut back on savings when they cannot.

SBI Flexi Deposit Interest Rates

The rate of interest on the Flexi Deposit Scheme is the same as the Term Deposit interest rates. These rates were recently revised with effect from 09 May 2019. SBI Pensioners and SBI Staff are granted an additional bonus of 1% interest above the regular rate. Senior Citizens will receive 0.50% above. SBI pensioners who are above 60 years of age will receive both 1% + 0.25% interest benefits. Interest is compounded on a quarterly basis. Interest is calculated on the outstanding balance on the last date of every month.

Tenure Existing rate for Public* Revised for public from 09 May 2019* Existing rate for Senior Citizens* Revised for senior citizens from 09 May 2019*
7 days - 45 days 5.75% 5.75% 6.25% 6.25%
46 days – 179 days 6.25% 6.25% 6.75% 6.75%
180 days – 210 days 6.35% 6.35% 6.85% 6.85%
211 days - < 1 year 6.40% 6.40% 6.90% 6.90%
1 year - < 2 years 6.80% 7.00% 7.30% 7.50%
2 years - < 3 years 6.80% 6.75% 7.30% 7.25%
3 years - < 5 years 6.80% 6.70% 7.30% 7.20%
5 years and up to 10 years 6.85% 6.60% 7.35% 7.10%

*Below Rs.2 crore.

SBI Flexi Deposit Eligibility

  • All resident Indians are eligible for this scheme.
  • Only individual customers can apply.
  • Minors can also apply.

Features and Benefits

Monthly limits

The minimum amount that should be deposited at anytime is Rs. 500. There is no cap on the number of times you can deposit in a month.

Annual Limits

In a year, a depositor can save up to Rs. 50,000. The minimum amount you have to save is Rs. 5,000 per year. The Flexi Deposit Scheme does not allow you to deposit more than Rs. 50,000 in a year.


This deposit can be opened for a minimum of 5 years. The deposit can be maintained for a maximum of 7 years.

Loan Facility

Customers can avail of loans from State Bank of India against the SBI Flexi Deposit.

Nomination Facility

Nominations are available for depositors to name a beneficiary in case anything unfortunate were to happen to them. The beneficiary will receive the savings upon your unfortunate demise. When you are opening the account, you are given an option to retain the nominee you have already stated in your debit account from which the Flexi Deposit is funded.

Default Payments

In case of default in payment of the minimum deposit amount of Rs. 500, Rs. 50 will be charged per year.


This deposit earns the same rates of interest as applicable to term deposits. Interest is compounded on a quarterly basis. Interest is calculated on the outstanding balance on the last date of every month.

Premature Withdrawal

Flexi deposits can be broken before the maturity date. The interest rate applicable will drop by 0.50% below the applicable interest rate on the deposit.

Tax Benefits

Recurring deposits are subject to Tax Deducted at Source (TDS).

SBI Flexi Deposit Scheme FAQs

  1. What accounts can I use to fund the Flexi Deposit?

    Ans: You can use the following types of accounts to fund the Flexi Deposit.

    • Savings account
    • Current account
    • OD account

  2. How will I receive my maturity proceeds?

    Ans: The matured deposit amount plus any proceeds payable will be transferred to the debit account which was used to fund the SBI Flexi Deposit.

  3. Is there an option to close the SBI Flexi Deposit online?

    Ans: Yes, there is an option available to close the SBI Flexi Deposit online. This is applicable if you have opened your e-SBI Flexi Deposit online. Under the SBI Flexi Deposit, you can click on “Close A/c”. Accounts opened through other means cannot be closed through this process.

  4. Can I add or change a nominee online?

    Ans: If you require to add a new nominee of change your nominee, you have to approach your SBI branch. This option is not available online.

  5. How many deposits can I make in a month?

    Ans: You can make as many deposits as you like in a month. The deposit can also be made at anytime. The minimum deposit amount made at any instance is Rs. 500.

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